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  "documentTitle": "The St. Joe Company (JOE)",
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  "authorName": "David Einhorn",
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      "text": "If the land around the airport is worth $2.1 billion, bulls claim you are getting the other 500,000 acres “for free”",
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      "text": "35,000 acres x $60,000 per acre = $2.1 billion(2)",
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      "text": "Purchased 708 acres for $80,000/ acre(1)",
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      "text": "In October 2007, Leucadia agreed to purchase the land at the old Panama City Airport to redevelop it",
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      "text": "(1) Leucadia National Corp 2009 10-K, p.20\n(2) Broyhill Asset Management, “Buy When There’s Oil in the Water” presentation Q2 2010",
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